Bitcoin Surges to New High Despite Recent Government Actions Against Crypto
Bitcoin, the world’s largest cryptocurrency by market cap, briefly surpassed $29,000 on March 30, marking a new high for 2023. This is despite ongoing regulatory crackdowns by governments around the world, including the recent lawsuit against Binance and its CEO by the US Commodity Futures Trading Commission. Industry analysts were surprised by the bounce-back of Bitcoin’s price in the wake of this news, with some speculating that the lawsuit will only result in minor fines for the crypto exchange.
The increase in Bitcoin’s price could also be attributed to large-volume traders buying back in, according to some traders. The Crypto Fear and Greed Index has been steadily increasing over the past month, despite concerns in the global banking sector.
